Cuna del Mar’s InnovaSea to combine Nortek Akvakultur with Realtime Aquaculture unit

CPE Media News (1/3/2019) – InnovaSea Systems, Inc., a Cuna del Mar portfolio company, has entered into a definitive agreement to acquire Norway based Nortek Akvakultur. Nortek Akvakultur will be combined with InnovaSea’s Realtime Aquaculture unit to form the InnovaSea Instrumentation team.

For the past decade, Nortek Akvakultur has been providing high quality environmental data to the Norwegian aquaculture industry. Nortek Akvakultur has an installed base of more than 300 sites in every major production region in Norway.

Boston Massachusetts based InnovaSea Systems, Inc. is a technology-based company that produces innovative, fully integrated commercial open-ocean fish farming systems.

In November 2017, InnovaSea acquired Bedford, Nova Scotia based VEMCO, a specialist in wild fish tracking and monitoring systems, to form Realtime Aquaculture unit.

Cuna del Mar, the investment fund of Christy Walton, invests in sustainable businesses that use innovation to produce healthy seafood.

photo credit: Realtime Aquaculture

News Release

InnovaSea Systems to Acquire Norway-based Nortek Akvakultur

THURSDAY, JANUARY 3RD, 2019

BOSTON/HALIFAX/BERGEN, January 3, 2019 — InnovaSea Systems announced today that it has entered into a definitive agreement to acquire Norway-based Nortek Akvakultur. Nortek Akvakultur will be combined with InnovaSea’s Realtime Aquaculture unit to form the InnovaSea Instrumentation team.

For the past decade, Nortek Akvakultur has been providing high quality environmental data to the Norwegian aquaculture industry. Nortek Akvakultur has an installed base of more than 300 sites in every major production region in Norway.

Realtime Aquaculture has developed innovative underwater wireless technology that provides customers a scalable solution for monitoring aquaculture sites. This technology is transforming the way environmental monitoring is done on farms around the world.

According to Tor Skoglund, Managing Director of Nortek Akvakultur, “We’ve recently moved our operations from Oslo to Bergen, bringing us closer to the industry and our major clients. This acquisition further strengthens our position by providing access to new technology that we believe can be a game changer as we work to help our customers monitor conditions in every cage.”

Atle Lohrmann, CEO of Nortek, comments, “Nortek’s early transition to cloud-based systems has allowed us to successfully deploy hundreds of monitoring stations with a minimum of local effort. We are pleased to see how InnovaSea brings continued technological innovation to the community by using underwater communication as part of the solution.”

David Kelly, CEO of InnovaSea states, “Nortek Akvakultur brings us closer to the industry in Norway and adds a team of skilled developers with unique expertise developing solutions for the industry. Combining Realtime Aquaculture and Nortek Akvakultur is a logical step in growing the business and expanding opportunities both in Norway and globally.”

About InnovaSea Systems Inc.
InnovaSea Systems, Inc. is a technology-based company that produces innovative, fully integrated commercial open-ocean fish farming systems. InnovaSea is leading the challenge of doubling marine protein production in a manner that is scalable, sustainable and in accordance with good stewardship of ocean resources. InnovaSea is also the parent of VEMCO – specialists in wild fish tracking and monitoring systems – having acquired the Bedford, Nova Scotia company in November 2017.

About Nortek AS.
Nortek AS is a leading Norwegian technology company with focus on ocean current and wave measurements. The company is headquartered outside Oslo and has over 100 employees worldwide.

For further information, contact:
Brad Rodgers
Vice President of Business Development
+1 902 450 1700 x260
brad.rodgers@rtaqua.com

Tim Stone
Vice President Product Development
+1 902 450 1700 x228
tim.stone@rtaqua.com

Tor Skoglund
Managing Director, Nortek Akvakultur
+47 920 93 435
tor.espen.skoglund@nortekakva.no

SOURCE InnovaSea Systems

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